London stocks closed lower on Tuesday as investor sentiment soured due to rising geopolitical tensions and fading hopes for US interest rate cuts. The FTSE 100 fell 1.8%, the FTSE 250 dropped 1.8%, and the AIM All-Share closed down 1.6%.
DS Smith Takeover Agreed
DS Smith agreed to a £5.8 billion takeover from New York-listed International Paper. The deal values each DS Smith share at 415p, though the stock fell 4%.
M&A Activity
TClarke surged 29% after agreeing to a £90.6 million takeover from Regent Gas. Hostmore jumped 5.6% as it announced a merger with its franchisor TGI Fridays.
Dr. Martens Plunges
Dr. Martens shares plunged 29% after issuing a profit warning, with pre-tax profit for the year to March 2025 expected to be significantly lower than the previous year. CEO Kenny Wilson announced he will step down after this year.
Superdry Unveils Turnaround Plan
Superdry shares dropped over 22% as the company revealed a turnaround plan, including a potential delisting from the London Stock Exchange and a £10 million equity raise.
Daily Risers and Fallers
Enquest 5.2%, Topps Tiles 4.8%, Schroder Eur.R 4.0%, STVG 3.5%, Residential Sec 2.6%.
Dr. Martens -29.4%, Auction Technology Group -15.6%, Petrofac -12.1%, Seraphim Sp -9.8%, Molten Ventures -8.0%.
Daily Recap
- Dr Martens shares slump 30%, names new CEO
- ScottishPower to compensate customers overcharged on direct debits
- Superdry shares plummet as retailer to delist from LSE
- International Paper swoops in with takeover bid for DS Smith
- B&M expects profits at top end of guidance after revenue rises
- Investor piles pressure on John Wood Group over sale options
- US dollar dominates as economic data cools rate cut expectations
- Rising tensions fuel gold rally amid geopolitical risks
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